Ghana’s economy rebounding faster than its peers

In his key note address at the Ghana National Chamber of Commerce & Industry CEObusinessforum, Dr Addison said “domestically, we have also seen the gains from these policies introduced to contain the effects of the pandemic— the Ghanaian economy has performed far better than its peers, and economic activity is rebounding faster than we observe with our peers with the Bank of Ghana’s Composite Index of Economic Activity showing a 26.8 percent year-on-year growth in March 2021.

“In total, about GH¢1.5 billion loans were restructured, of which the Manufacturing sector accounted for 24.5 percent share, Services with 24.3 percent, and Transport, Storage and Communication had 11.5 percent.

He explained that the central bank responded to complement government’s Covid-relief measures with a raft of policy and regulatory measures to loosen financing conditions, ease liquidity pressures, and keep supply of credit to support critical sectors of the economy.

“Average bank lending rates have trended down from a high of 26.2 percent in December 2017 to 20.9 percent in May 2021..

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